- Largest mining server Bitmain made revenue of $8-9 billion.
- Despite the ban of cryptocurrencies in their country, Bitmain succeeded.
- Whatsminer, a competitor, also closed last year with $3 billion profit.
As a significant factor, the entire crypto industry is aware of Bitcoin, which is the world’s largest cryptocurrency. The process of bringing new Bitcoin into circulation by verifying a new Bitcoin transaction is known as Bitcoin mining. Despite the fact that Bitcoin mining needs high computational power, small miners will have difficulty earning profits.
The world’s largest Bitcoin mining equipment server, Bitmain has closed 2021 with a revenue valuation of $8-9 billion. This huge profit came in as a result of the surge in the demand for mining equipment last year. The ban on cryptocurrencies in China has also had an impact on Bitmain, which has had to suspend operations in their country.
Notwithstanding China’s ban on cryptocurrencies with significant amounts of crypto activity, Bitmain remained to generate $8–9 billion in revenue. Meanwhile, Whatsminer, a rival that closed at $3 billion, claims to have made a profit of almost 50%.
Bitmain Signed A Deal With US Company
Back in February, an agreement was made between an American Bitcoin miner, Merkel Standard, and the Chinese manufacturer of mining equipment, Bitmain. Both parties agreed to develop 500 megawatt-capable mining facilities.
According to the announcement of their venture deal, Bitmain will contribute financial and technical support. Merkle will hold a majority stake in the joint venture and oversee both the construction of the data center and its ongoing management.
However, Merkel Standard was announced as the first crypto miners in the US to get Bitmain’s newest mining rig, the S19 Pro+ Hydro. Indeed, Bitmain’s success coincided with the Chinese prohibition on cryptocurrencies, which thwarted the distribution of mining equipment.